Articles in "Practice Management" category:

Welcome to Retirement: The Onboarding Guide Your Clients Need

  Michael Lynch     Thu Nov 29 10:15:00 EST 2018 

When a person starts a new role at a new company, companies will usually have an onboarding program that gives the new employee all of the resources and information they need to hit the ground running. This initial training usually includes an HR orientation, a shadowing program with a tenured employee, a benefits overview, and a review of other rules and expectations.  The idea is to ensure the new hire is set up for success.

When a person enters retirement, there is no guide, handbook, or orientation setting them up for success. We should help soon-to-be retirees prepare in the same way a company helps new employees. Financial advisors are in a unique position to offer this kind of help, because they have witnessed the pitfalls, challenges, and successes of myriad retirements. Here are a few ways you can help your clients prepare for their transition into retirement.

Taking Care of Caregivers

  Michael Lynch     Mon Nov 12 09:00:00 EST 2018 

For the 34 million Americans who provide care for someone age 50 or older1, the 7 day a week, 24 hour a day responsibility can be exhausting. They may be taking care of a spouse and/or one or more parents, sometimes while raising their own children. It’s a full-time job that they may be doing on top of their regular 9-to-5.

Being a caregiver is a physically, financially, and mentally challenging role. It can include being a chauffeur, a chef, a nurse, a housekeeper, and so much more.

November 13 is National Caregiver Appreciation Day, which is a good time for financial advisors to think about how to make their caregiver-clients’ lives easier. There are a few ways that financial advisors can help their clients who are already caregivers, or are primed to take the role in the future.

Powering Communication

  John Diehl     Thu Nov 01 09:00:00 EDT 2018 

Evolving technology, such as robo-advisors and do-it-yourself investment platforms, has made investing available to everyone, and has made it necessary for financial advisors to demonstrate value beyond investment picking. Luckily, financials advisors have the power of two-way communication; unlike technology, advisors have the ability to listen to their clients and respond by providing personalized solutions for living within their financial means.

From a recent survey of financial advisors, we found that communication between advisors and their clients is escalating, and that trend is expected to continue. In this vein, technology doesn’t need to be a threat to advisors, but rather a tool they can use to enhance their practice. Here are a few ways advisors can leverage technology to communicate more efficiently and conveniently with their clients.

Today's Lesson: How to Talk to Your Clients About Saving for Higher Education

  Michael Lynch     Thu Aug 30 10:15:00 EDT 2018 

file

As the end of the summer rapidly approaches, many families are getting ready to send their kids back to school. For the younger ones, that preparation is as simple as new backpacks filled with school supplies and reinstating a bedtime. For the young adults heading off to college, however, it’s a bit more complicated and a bit more expensive.

Many parents, with children of all ages, may be anxious about how to tackle the financials of higher education. As an advisor, you have the opportunity to help ease these worries by discussing the costs of higher education, presenting them with options, and helping your clients create a plan, regardless of how old their kids are.

Branding Your Branch: Bonus

  Jill T. Slomski     Wed Aug 15 10:00:00 EDT 2018 

Over the past few weeks, I wrote a series of blog posts examining issues that can crop up in advisor branches, and gave advice on how to alleviate or prevent them. To end the set on a positive note, I decided to do an additional bonus post on how to create the ultimate client experience.

Between tending to your clients’ needs, keeping your branch in order, and maintaining your personal responsibilities, it may seem like there isn’t enough time in the day to do more. However, there are small deeds that won’t take you much time but can mean the world to clients. Here are a few of my suggestions for how to make each of your interactions with clients and potential clients favorable and memorable.